SEPT 16 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 4430 , S2 RS 4390
R1 RS 4530 , R2 RS 4600
STAY SHORT.
Crude Oil Drops Below $92 as Lehman Adds to Demand Concern .
Crude oil tumbled below $92 a barrel, its biggest two-day drop
in almost four years, on concern that turmoil on Wall Street
may weaken the global economy and reduce demand for
fuels and raw materials.
Oil fell as much as 4.3 percent today after Lehman Brothers
Holdings Inc., once the fourth-largest U.S. investment bank,
yesterday sought bankruptcy protection, sending U.S.
stocks to their steepest drop since the September 2001
terrorist attacks. Gold fell for the first day in three.
Crude oil for October delivery fell as much as $4.15, or
4.3 percent, to $91.56 a barrel. It was at $91.80 at 1:17 p.m.
Singapore time on the New York Mercantile Exchange, the
lowest intraday price since Feb. 11. Oil has declined 4.4
percent this year and dropped 38 percent from the
record $147.27 a barrel reached on July 11.
Brent crude oil for November settlement fell as much as $4.44,
or 4.7 percent, to $89.80 a barrel on London's ICE Futures
Europe exchange. It was at $90.28 a barrel at 1:24 p.m.
Singapore time.
Prices have dropped 14 straight days, the longest stretch since
Brent futures were introduced in 1988.
Texas oil refiners may need weeks to restore normal operations
as utilities struggle to restore power after Hurricane Ike
swept through the region.
U.S. crude-oil and fuel inventories probably fell last week because
of Ike, a Bloomberg News survey of analysts showed. The Energy
Department is scheduled to release its weekly petroleum supply
report on Sept. 17.
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